A barrel of crude oil was trading at around $48 at the end of last week. For a generous segment of the population, this is good news. Commuters will spend less on gas and have more to spend on, say, the things that Amazon Prime can deliver to their front doors. And, of course, Jeff Bezos will be…
Remember when Obama and others said we “couldn’t drill our way out” of an oil crisis? They were wrong.
At a meeting of the National Association of Science Writers in New York in 1954, the chairman of the U.S. Atomic Energy Commission laid out his vision for a nuclear-powered future. Famines would be the stuff of history, Lewis Strauss said; people would “travel effortlessly over the seas and under…
Reuters is reporting:
‘It was $5, right?” I was at a convenience store in northern Missouri, filling up with gas, and the guy next to me was checking his gas budget with the lady in the passenger seat of his car. He was driving what might be the last K-car on the road. He noticed that I had overheard their conversation…
Lower gasoline prices continue to stuff consumers’ wallets and purses with an extra $100 billion annually. So better rush to the stores early, clutching your must-have or merely-want shopping lists to beat the crush. Don’t bother. That cash is staying in consumers’ pockets or bank accounts, or…
Senator Tom Cotton took to the Senate floor to discuss new reports of sarin gas being used in Syria:
The first use of poison gas in war occurred on April 22, 1915 and the one hundredth anniversary of that grim event was widely noted and commented upon. Including here.
The original corn laws put tariffs on imported grain in an effort to help domestic producers. That was nearly two centuries ago, in England, and the experiment is taught as an example of bad economic policy. But people never learn and in this country, today, we have the renewable fuel mandates…
Hillary Clinton is on a road trip from New York to Iowa. But don't expect to catch her pumping her own gas.
Iowa took umbrage, last week, over something an operative for Scott Walker said. Or, to be precise, something she once tweeted. For her indiscretion, Liz Mair was forced to resign from Walker’s political action committee. Walker is not yet an officially declared candidate for president but that…
Rivers have rights, they say down in Mora County, New Mexico—“inalienable and fundamental rights,” beyond the power of any government to touch. Aquifers, too. Wetlands, streams, ecosystems, and even “natural communities,” whatever that undefined term means: All of them have rights to “exist and…
The ZeroHedge headline nails it:
We’re hearing from all over just how good things are – and are becoming ever more so – and how on top of the game the president is. There is that 5 percent GDP growth last quarter and an unemployment rate that has dropped below 6 percent (the bar has, obviously, been lowered) and the stock market…
An estimated 90 million of us will drive 50 miles or more during this holiday season, and recent years’ gnashings of teeth at the pump are being replaced with smiles. The price of gasoline is down 36 percent since April, to a national average of around $2.40 per gallon, with some cities reporting…
As if the plunging price of oil were not enough to doom the market for electric and hybrid automobiles, there is this from ABC News:
Kyle Stock of BloombergBusinessweek reports that, while there is undeniably good news for the driving class in the falling price of gasoline:
They had a good run, those oil rich countries that formed a cartel back in 1973 and called it OPEC. Its first act, as John Waggoner of USA Today reminds, was to declare:
Charles Lane speculates on just what collapsing oil prices will mean for Russia and Vladimir Putin’s grip on power. This depends, Lane writes:
Bloomberg reports that:
Anyone who doubts that the deployment of the technologies we have come to call fracking constitutes a revolution should consider this. U.S. oil production has soared by 70 percent in the past six years. American refineries have cut in half their imports from the OPEC cartel, setting off a scramble…
Seems Canada is tired of waiting – and waiting – for a decision on the Keystone pipeline and has come up with an alternate plan for moving the oil to market. As Bloomberg reports:
Representative Peter Welch (Democrat, Vermont and, by the way, my representative) has announced that he is in favor of raising the tax on gasoline. He has a safe seat and, anyway, in Vermont it isn’t politically dangerous to propose a tax increase, especially if it can be somehow made into a…
Washington needs more money and if it doesn’t get it, your morning commute will become:
It is an uncomfortable fact that several European countries depend on Russia for energy and the situation in Ukraine has jeopardized that arrangement. Today, as Vanessa Mock of the Wall Street Journal reports:
The news that the administration would like kept quiet, and which it therefore announced in the afternoon, on Good Friday is that it has:
Travelling from Sarajevo, the capital of Bosnia-Herzegovina, to Mostar, a city almost midway toward Dubrovnik on the Adriatic Coast, one drives through a stunningly-beautiful landscape of mountains, forests, and rivers. On a recent trip, however, I observed a surprising sight: four gas stations…
America is a fracking cornucopia of crude oil, independent of the rapacious OPEC cartel. And has an inexhaustible supply of natural gas, putting us in a position to become a major exporter able to use its gas reserves as a geopolitical weapon. Take that, King Abdullah and Vladimir Putin. Too good…
Matthew Continetti, writing for the Washington Free Beacon:
The State Department releases its final environmental report on the Keystone Pipeline today. Justin Sink of The Hill reports:
There is something about the energy business that is conducive to the creation of myths. So Roger Sant, a long-time and highly respected participant in the energy policy game and in the industries that energy legislation and regulation affect, told a group of Houston oil men recently. Energy myths…
A recent report by the Special Inspector General for Afghanistan Reconstruction (SIGAR) recalls the 1980s stories of $640 toilet seats and $500 hammers. In a report primarily addressing the construction of a hospital in Afghanistan that is two years behind schedule, SIGAR also found…
Josh Rogin reports:
The Washington, D.C. EMS ambulance that accompanies the presidential motorcade, Medic 1, ran out of gas last week, just as President Obama was pulling away from the White House August 8 on his way to a family birthday celebration at a local Indian restaurant:
The U.S. Energy Information Administration reports today that sales of fossil fuels produced on federal and Indian land continue to decline, dropping 4 percent in fiscal year 2012. The slide continues a decade-long trend that accelerated in 2010, as the chart accompanying the report shows:
Remember the Keystone pipeline Well, if you had forgotten about it, no matter. There has still been no decision on whether or not to go ahead with construction. This, in spite of the fact that:
When Israel finally discovered a bonanza of natural gas about five years ago everyone was happy. But then fierce arguments broke out—and rightly so.
The Cold War is now so over that it might as well be grouped with the ancient ice ages, but there is one echo rolling across Europe from East to West: the Russian attempt to dominate the natural gas market on the European continent. As the energy sector accounts for 25 percent of Russia’s economy,…
“The tectonic plates are shifting” is a much over-used expression. But when it comes to the international energy industry, the expression is apt.
Tonight, the President will deliver the usual boring laundry list of promises about jobs, prosperity, affordable education, wide roads, and a blissful future. And in the morning, millions of Americans will take a harder hit when they buy gasoline, which is, for most of them, not a discretionary…
The payroll tax cut has been rolled back so, of course, consumers have less money to spend and that seems to be what they are spending ... less.
Secretary of Energy Steven Chu is leaving and in parting, writes this about his time in office and the green energy investments his department made:
The AAA has joined the side of the crackpots resisting the burning of food in internal combustion engines:
New York City will start rationing gas tomorrow. Here's the announcement, from mayor's Twitter feed:
At last night’s debate, President Obama said gas prices were under two dollars per gallon when he took office because the “economy was on the verge of collapse.” And that if Mitt Romney were elected he “could bring down gas prices, because with his policies we might be back in the same mess.”
In response to a question concerning high gas prices, President Obama explained that gas prices were low when he took office in January 2009 "because the economy was on the verge of collapse":
Seems like everybody has now seen it, either when it happened (that would be in "real time") or on replay. Even players who benefitted from the call agree that the Packers got hosed. The remedy?
The price of gasoline is rising and may reach $4 a gallon, which is considered critical in the minds of consumers and political consultants worrying about how to seduce them. In an economy that is otherwise stalled in the weakest recovery since World War II – real wages in decline, job growth…
The Obama administration announced today plans for lease sales for "available all unleased areas in the Central Gulf of Mexico Planning Area, offshore Louisiana, Mississippi and Alabama, including 7,276 blocks on about 38.6 million acres," according to a Department of Interior press release.
The New York Times reports:
According to an AP story, President Obama, who is feeling the pressure on gasoline prices, has a plan for action which comes down to the usual, instinctive reaction of those in political power who find themselves frustrated by events in the real world. Namely ... prosecute somebody. Or threaten to,…
Mitt Romney's latest campaign ad says that President Obama's "attack machine" is "spending millions to sling mud, err oil at" the Republican candidate "because in the five states where Obama is attacking Romney, gas prices have roughly doubled."
A student in Norfolk, Virginia had a simple question for Vice President Biden: "Why is prices on gas increasing? You know what I mean?" Biden, after promising a "brief answer," takes 11-minutes not to answer the kid's question:
President Obama today attacked Republican presidential candidate Mitt Romney for his close ties to oil companies.
The Massachusetts state Republican party has a new ad highlighting Democratic Senate candidate Elizabeth Warren's opposition to the construction of the Keystone XL pipeline. "Keystone Pipeline Means Thousands More Jobs and Cheaper Gas," the text of the ad reads. "Yet, Warren Opposes It." Watch the…
Late night comedian Jimmy Fallon ridiculed Energy Secretary Steven Chu for earlier this week giving himself an A- for how he's handled high gas prices:
Gallup finds that an overwhelming 57 percent of American adults believe "the U.S. Government Should Approve of the Keystone XL Pipeline."
Charles Krauthammer, writing in the Washington Post:
The Energy Information Administration—a federal agency—just released a report titled, "Sales of Fossil Fuels Produced on Federal and Indian Lands, FY 2003 Through FY 2011." The Institute for Energy Research summarizes the report's major findings:
It has been a tough week for the president. Just as things were supposed to be getting better for him—as they were for the economy—his support and approval ratings took a severe hit in two important polls. And then there was a survey that indicated that 80 percent of the population does not…
Taken at a gas station within walking distance of the White House:
President Obama is digging in on the Keystone XL pipeline. He is "personally lobbying Democrats to reject an amendment calling for its construction," Politico reports.
Speaking at the University of Miami on February 23, Obama again revealed his remarkable gift for oratory. He denied any responsibility for the rising gas prices and instead took the credit for dramatically increased domestic oil production. This took real artifice. Even as a candidate Obama…
Don’t feel embarrassed if you can’t figure out where the American economy is headed. I don't. After all, Federal Reserve Board chairman Ben Bernanke told the House Financial Services Committee last week that the economy is sending “somewhat different signals” about growth. The good news is that the…
Ross Douthat: "What Mitt Lost While He Won"
The good thing about election campaigns is that they force both parties to do things, or at least to promise to do things they should have done long ago. President Barack Obama is a born-again tax cutter. He wants the top rate of corporate income tax cut from 35 percent to 28 percent, and the…
In a letter sent today to the White House, Senate Budget Committee ranking member Jeff Sessions urges President Obama “to take overdue but necessary action to confront soaring gasoline prices.”
With a gallon of regular around $4 and climbing, the White House is paying close attention to the price of gasoline. President Obama and his team are, no doubt, wondering how high it can go before it takes them down.
President Obama traveled today to Miama, Florida to discuss "new sources of American-made energy." Now, given the dramatic recent increase in gas prices, and given the speech's focus on energy, it was practically inevitable that Obama would have to mention the fact that Americans on average are…
On Monday, the European Union is expected to decide to boycott Iranian oil. If it does—nothing is ever certain when EU policymakers gather, least of all a firm decision—Iran says it will close the Strait of Hormuz, through which 20 percent of the world’s oil moves to market. That country’s navy…
The attack on the British embassy in Tehran came just days after the Iranian “parliament” voted to expel the British ambassador, and therefore reeks of official complicity. The attack—complete with an invasion of the grounds, looting, and a brief hostage-taking—is an always useful reminder of the…
Speaker John Boehner and Alberta premier Alison Redford met yesterday to discuss the proposed Keystone XL pipeline project--and how President Obama has delayed his decision on the pipeline until after next year's election. As the speaker's office explains:
If you're looking for a dramatic example of a government regulatory agency run amok, consider EPA’s arbitrary and shameful attack on one Texas natural gas company.
At last night's debate, one audience member raised the issue of energy infrastructure:
After struggling to come up with an explanation that doesn't admit a policy failure, the White House seems to have settled on an answer to questions about what led to the grim unemployment numbers last week: Gas prices. The president said the other day that the latest jobs numbers are a "blip"…
Why not just call for an individual Chevy Volt mandate? "General Motors Co. CEO Dan Akerson wants the federal gas tax boosted as much as $1 a gallon to nudge consumers toward more fuel-efficient cars."
It’s anybody's guess whether Sarah Palin will run for the Republican presidential nomination in 2012. If she does, she’s likely to benefit from a highly favorable documentary that highlights the part of her career least known to most Americans.
The weakening of the dollar since 2008 has added 56.5 cents to the price of gasoline, the congressional Joint Economic Committee (JEC) has found. The average price of gasoline would be $3.40 per gallon, instead of the current average price nationally of nearly $4, if the dollar hadn’t declined.
Alternate headline: "Honestly, Who Cares?"
Over at The Atlantic, Derek Thompson flags this terrifying indicator:
Do we still get a subsidy if we trade in our president instead? "Obama needled one questioner who asked about gas prices, now averaging close to $3.70 a gallon nationwide, and suggested that the gentleman consider getting rid of his gas-guzzling vehicle."
A media meme has developed about the economy and the 2012 election: if Barack Obama gets the unemployment rate at or below 8 percent, he will be well positioned to win reelection. To that end, the press greeted last Friday’s jobs report (the addition of 216,000 jobs, and unemployment falling to 8.8…
The disaster at Japan’s Fukushima Daiichi nuclear plant, and the upheavals in the Middle East are the sort of events that send economists back to their forecasters’ drawing boards. As usual, there is a tendency to confuse the long-run and the short-run, and to blame developments that were due to…
That headline should be the policy mantra of sensible politicians. Unfortunately, President Obama believes he has to do something to get prices down lest he pay a terrible price at the polls. Equally unfortunate, Republicans are using high gas prices as a stick with which to beat the president.
Some 60 percent of Americans want to see more offshore oil production according to the latest Gallup poll. That's up 10 percent from last May. And that's not all:
Ah, January of 2009. Hope was in the air, but more importantly, gas was under two dollars a gallon. Since then gas prices, have gone up 67 percent and it's an ominously upward trend. Interestingly enough, the Heritage Foundation also took a look at the first 26 months of Bush's presidency -- gas…
Because he's apparently unaware there's an election next year, Obama abandons the Defense of Marriage Act.